Veteran trader Peter Brandt predicts a major rally in the S&P 500, with US stock index futures jumping as President Trump confirmed the US-Iran peace deal’s signing date. Bitcoin price also climbed by more than 3% as oil prices crashed. Will BTC follow the US stock market to rise further?
Peter Brandt Shares S&P 500 and Bitcoin Price Chart
US stock futures are trading higher in premarket today as US President Donald Trump celebrated his 80th birthday by announcing a preliminary US-Iran peace deal and a UFC cage-fighting event at the White House.
Legendary trader Peter Brandt shared a weekly chart of the S&P 500 stock market index on June 15. He highlighted that the stock market index completed a 6-month expanding triangle (megaphone) pattern in late April.
He predicted a massive S&P 500 rally to $7,904 in the coming weeks. Currently, the futures price action nears $7,550 amid multiple headwinds such as a drop in the 10-year US Treasury yield and the US dollar index (DXY).
Peter Brandt also shared a Bitcoin price chart in a weekly timeframe. He claimed there are only a few other markets that “so neatly comply to understanding using classical charting principles as Bitcoin.”
While declining US treasury yield and dollar are bullish for risk assets, Bitcoin price doesn’t signal a reversal yet. He confirmed that Bitcoin price is moving in descending channels and not bear flags. He claimed “flags are not supposed to go longer than 6 to 8 weeks.”
However, Bitcoin price has rebounded in anticipation of the US-Iran peace deal and the opening of the Strait of Hormuz. BTC needs to hold the $65K support for a recovery.
BTC Bounces Ahead FOMC Meeting
As CoinGape earlier predicted, Bitcoin price has bottomed based on technical chart strength and on-chain data. Whereas, analysts and experts such as CryptoQuant claimed a potential drop to $53,600 realized price.
Bitcoin price jumped more than 3% in the past 24 hours, currently trading at $65,790. The 24-hour low and high are $63,634 and $65,927, respectively. Furthermore, trading volume increased by 45% over the last 24 hours.
Investors are now awaiting the FOMC Meeting, the first under Kevin Warsh as Fed Chair. While a pause is expected, markets will watch Kevin Warsh’s press conference closely for cues on the Fed monetary policy plans.
Meanwhile, CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total BTC futures open interest jumped 4% to $48.93 billion in the last 24 hours. BTC futures OI on CME and Binance climbed more than 2% and 4%, respectively. This signals bullish sentiment among derivatives traders.
